Inline XBRL Submissions (iXBRL) to HM Revenue & Costums

E-filing is no longer optional. The HMRC Inline XBRL (iXBRL) mandate is now in force for all corporation tax returns for accounting periods ending after 31 March 2010. It is not longer be acceptable to send either the accounts or computations on paper or as a PDF attachment to an online return. LLPs and small charities are excluded but any other company that submits a CT600 must comply by submitting their corporation tax payments electronically using iXBRL.

Your Challenges

• Companies need to prepare a Supporting iXBRL ‘tagged’ Financial Statement for every CT600 the company has to file.  Therefore if a company has 100 registered companies therefore they need to complete 100 Returns.
• Companies need to ensure their tags match the tags in the CT600
• Companies have to ensure they tag the document correctly and the mandatory tags are done

Our Service

Utilizing the XBRL functionality of SAP BusinessObjects Disclosure Management cundus offers an integrated solution to reduce time, risk and cost while preparing financial statements in iXBRL. Our consulting service for HRMC tax reporting includes:

• Implementation and customizing of SAP BusinessObjects Disclosure Management
• Tagging the numbers and words within the statements to create iXBRL instance
• Validation of iXBRL instances to ensure data quality
• Filing of CT600 including the supporting documentation with iXBRL

As proficient iXBRL consultants with over 18 months experience, we do have the detailed knowledge of the required taxonomy whether that be UK GAAP or IFRS plus any sector specific sub-taxonomies.

Your Benefit

Reduce Time: Speed and flexibility

• Accelerates the collection and management of information across the entire enterprise to support HMRC tax filing or any other regulatory disclosures
• Re-usable report and disclosure statement structures: ‘tag’ a master document and use those tags for multiple reports
• One source of truth - Data integrity through integration: Enables refresh from source systems and dynamically updates data in statements

Reduce cost by collaboration

• Streamlines and automates the collection, validation, and approvals with an easy-to-use, visual interface
• Contains a distributed workflow, Change management and approvals to create a financial statement more efficient
• Automate integration and data flow
• Designed for ownership by finance professionals

Enhance Compliance and Control

• Enables the production and publication of reliable, complete, and auditable financial and regulatory statements
• In-house production of trusted financial statements
• Support multiple financial and regulatory  statements
• Enable creation of iXBRL-based statements

Increase usability with familiar software environment

• Use of Microsoft Office solutions, which are familiar to finance professionals
• Microsoft Office templates ensure consistent formatting for all statements
• Document versions capture and highlight changed information

Our Methodology